Md. Code, Corporations and Associations § 1-209
This is the official text of Md. Code, Corporations and Associations § 1-209, part of Maryland’s Code, Corporations and Associations — governs the formation and operation of corporations, LLCs, and partnerships.
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§1–209.
Official statutory text
(a) In this section, “family farm” means an entity that:
(1) Is a domestic entity;
(2) (i) 1. Owns, or within 1 year after filing articles of incorporation, articles of organization, or a certificate of partnership, will own or take control of property that qualifies for agricultural use assessment under § 8-209 of the Tax - Property Article; and
2. Owns only agriculturally or residentially assessed real property and personal property that is used for agricultural purposes; or
(ii) Owns only personal property that is used for agricultural or agricultural marketing purposes;
(3) Is controlled, managed, and operated by:
(i) One individual who has an equity interest in the entity; or
(ii) Two or more individuals who have an equity interest in the entity and who share its assets and earnings;
(4) Is declared in a charter provision to be a family farm; and
(5) Has no assets other than those described in item (2) of this subsection.
(b) Within 1 year after selling all of the property described in subsection (a)(2) of this section, an individual shall file a charter amendment stating that the entity is no longer a family farm.
(1) Is a domestic entity;
(2) (i) 1. Owns, or within 1 year after filing articles of incorporation, articles of organization, or a certificate of partnership, will own or take control of property that qualifies for agricultural use assessment under § 8-209 of the Tax - Property Article; and
2. Owns only agriculturally or residentially assessed real property and personal property that is used for agricultural purposes; or
(ii) Owns only personal property that is used for agricultural or agricultural marketing purposes;
(3) Is controlled, managed, and operated by:
(i) One individual who has an equity interest in the entity; or
(ii) Two or more individuals who have an equity interest in the entity and who share its assets and earnings;
(4) Is declared in a charter provision to be a family farm; and
(5) Has no assets other than those described in item (2) of this subsection.
(b) Within 1 year after selling all of the property described in subsection (a)(2) of this section, an individual shall file a charter amendment stating that the entity is no longer a family farm.
Status: in_force · Read it on the official government site
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